MRZ.V · 2020-01-16 12:00:00

Mirasol Updates on Drilling Activity at Gorbea High Sulfidation Epithermal Gold Project in Northern Chile

Exploration Programs

NEWS RELEASE

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Tel: +1 604 602 9989 E-mail: [email protected]

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Mirasol Updates on Drilling Activity at Gorbea High Sulfidation Epithermal

Gold Project in Northern Chile

VANCOUVER, BC, January 16, 2020 — Mirasol Resources Ltd. (TSX-V: MRZ) (OTCPK: MRZLF) (the “Company” or

“Mirasol”) is pleased to provide an update on the drilling activities at its Gorbea Gold project in Northern Chile,

completed by Newcrest Mining Limited (ASX:NCM) (“Newcrest”) under the option and farm -in agreement

announcement last year. Since the commencement of this season’s drill program in October 2019, Newcrest has

drilled seven diamond drill holes for a total of 3,148m drilled. Of these seven holes, two were lost due to drilling

conditions, with one hole twinned and the second terminated prior to reaching the planned depth. Newcrest is

currently drilling an eighth hole and Mirasol looks forward to providing an update as additional assay results are

received along with a more detailed geological discussion on the outcome of this year’s program (figure 1).

Assay results have been received from the first four holes from this year’s program, with best assay intervals

including:

• ATL-DDH-001A: 164m @ 0.52 g/t Au and 6.81 g/t Ag from 372m, including:

14m @ 1.07 g/t Au and 7.18 g/t Ag from 372m, and

16.5m @ 1.31 g/t Au and 7.82 g/t Ag from 402.5m

• ATL-DDH-004: 20m @ 0.28 g/t Au and 15.96 g/t Ag from 393m, and

5m @ 0.31 g/t Au and 4.22 g/t Ag from 462m

ATL-DD-001A is a twin hole for ATL-DD-001 which was lost at 391m during the last field season. Mirasol previously

reported on July 24, 2019, assay results from this hole with 19.3m @ 0.89 g/t Au from 372m, including 13m @

1.1g/t Au from 372m.

Norm Pitcher, President and CEO of Mirasol stated: “ We continue to hit long intervals of alteration and

mineralization at the Atlas property. While we have received encouraging assay results from the holes reported

to date, the geologic interpretation of the results is at an early stage and will not be complete until results from

the last few holes are available. As such, it is too early to conclude whether the Newcrest holes represent a lower

grade halo around the higher-grade mineralization encountered in our previous partner hole DH15 or simply a

lower grade portion of the main system. There are still significant untested gaps within the mineralized envelope

of sufficient size to host a higher grade potentially economic core. We look forward to working with Newcrest as

the project advances.”

Table 1: Significant Intersections from the 2019/2020 drilling program:

Hole ID Total

Depth (m) From (m) To (m) Interval (m) Au (ppm) Ag (ppm) Cut Off *

ATL-DH-

001A 560m 372 536 164 0.52 6.81 0.3 g/t

AuEq

Incl. 372 386 14 1.07 7.18 1 g/t

AuEq

Incl. 402.5 419 16.5 1.31 7.82 1 g/t

AuEq

ATL-DH-

003 167.8m Hole did not reach target area.

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ATL-DH-

003A 436m Twin hole - No mineralization to report

ATL-DH-

004 530.2m 393 413 20 0.28 15.96 0.3g/t

AuEq

462 467 5 0.31 4.22 0.3g/t

AuEq

ATL-DH-

005 379.45m Hole did not reach target area. No mineralization to report

ATL-DH-

006 575.1m Assay Result Pending

ATL-DH-

007 500m Assay Result Pending

Additional Explanatory Notes:

* AuEq is the sum of the value of Au and Ag calculated as an Au equivalent g/t value via the formula:

Au assay in g/t + (Ag assay in g/t ÷ 80)

About Mirasol Resources Ltd

Mirasol is a premier project generation company that is focused on the discovery and development of profitable

precious metal and copper deposits, operating via a hybrid joint venture and self-funded drilling business model.

Strategic joint ventures with precious metal producers have enabled Mirasol to maintain a tight share structure

while advancing its priority projects that are focused in high -potential regions in Chile and Argentina. Mirasol

employs an integrated generative and on -ground exploration approach, combining leading- edge technologies

and experienced exploration geoscientists to maximize the potential for discovery. Mirasol is in a strong financial

position and has a significant portfolio of exploration projects located within the Tertiary Age Mineral belts of

Chile and the Jurassic age gold and silver district of Santa Cruz Province Argentina.

For further information, contact:

Norm Pitcher, President and CEO

Jonathan Rosset, VP Corporate Development

Tel: +1 (604) 602-9989

Email: [email protected]

Website: www.mirasolresources.com

Qualified Person Statement : Mirasol’s disclosure of technical or scientific information in this press release has been

reviewed and approved by Norm Pitcher , P.Geo. President and CEO for the Company. Mr. Pitcher serves as a Qualified

Person under the definition of National Instrument 43 -101. Newcrest is the operator for the Gorbea project, and Mirasol

relied on their internal quality control and quality assurance protocols.

Forward Looking Statements: The information in this news release contains forward looking statements that are subject t o

a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially

from those anticipated in our forward -looking statements. Factors that could cause such differences include: changes in

world commodit y markets, equity markets, costs and supply of materials relevant to the mining industry, change in

Suite 1150 – 355 Burrard Street, Vancouver, B.C. Canada, V6C 2G8

Tel: +1 604 602 9989 E-mail: [email protected]

www.mirasolresources.com

government and changes to regulations affecting the mining industry. Forward- looking statements in this release include

statements regarding future explorat ion programs, operation plans, geological interpretations, mineral tenure issues and

mineral recovery processes. Although we believe the expectations reflected in our forward -looking statements are

reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.

Mirasol disclaims any obligations to update or revise any forward -looking statements whether as a result of new

information, future events or otherwise, except as may be required by applicable la w.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX

Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Figure 1: Atlas Project – Historical and 2019/2020 Program Drill Hole Locations. January 2020

DH08

DH07

DH04

DH03

DH05

DH09

DH01

DH02

DH10

DH06B

DH06

DH22

DH26

DH29

DH28

DH23

DH20

DH18

DH19

DH24

DH16

DH17

DH21

DH25

DH15

DH14

Pampa

Zone

Atlas

Silver

Zone

Atlas

Gold

Zone

Falda

Zone

Dacitic Domes and

Flows

1,000 m

Fox

Breccia

Steam Heated

Zone Breccia

ATL

001A

ATL

002

Previously reported

Dacitic Domes and

Flows

Phreatomagmatic

and Hydrothermal Bx

Previous Partner

Drill Holes

Newcrest Drill Holes

Locations

1,000 m

ATL

004

ATL

003A

ATL

007

Assay Pending

ATL

006

Assay Pending

ATL

005

ATL

008

Drilling

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